Courtesy of Benzinga.
Piper Jaffray has published a research report on DuPont (NYSE: DD) after the company reported a downward revision of its 2011 guidance.
In the report, Piper Jaffray writes, “This morning DuPont announced a downward revision to their FY11 EPS outlook by $0.10, from $3.97-$4.05 to $3.87-$3.95. The revision was made to reflect inventory timing and destocking in the current fiscal year as their customers are conserving cash in the face of global economic uncertainty. The relatively wide guidance range ($0.08) this late in 4Q implies that the extent of the destocking is still somewhat of a moving target, and that the timing of a re-stocking remains uncertain. We continue to believe that Agriculture and TiO2 remain strong multi-year tailwinds for the company, and that the shifted orders in polymers and other industrials will return in 2012.”
Piper Jaffray maintains its Overweight rating and $62 price target on DuPont, which is currently trading down $2.20 from yesterday’s $46.52 closing price.
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